On the 1st of September 2022, the NSW government unveiled a new “blue carbon” strategy that will allow private landowners and entrepreneurs to invest in protecting and rehabilitating coastal areas.
Blue carbon is the term used to describe the carbon captured and stored by marine and coastal ecosystems. The new strategy seeks to encourage the harnessing of marine and coastal habitats such as seaweed forests, saltmarsh, wetlands and other coastal areas to produce blue carbon.
Blue carbon ecosystems are likely to play a key role in the pursuit of emissions reductions targets, as they can store substantially more carbon per area than land-based forests and, if undisturbed, can store this carbon in soils for many years. Additionally, blue carbon ecosystems also improve water quality, coastal protection, breeding habitat and recreational fishes.
Under the proposed plan, carbon credits will be generated by the restoration and protection of these habitats. This brings the conservation of marine and coastal ecosystems in line with the existing terrestrial system of carbon credits, wherein private landowners are granted carbon credits for rehabilitating, protecting or improving the biodiversity of dry habitat on their properties.
Currently the plan sets out 20 areas along the NSW coastline as pilot sites for blue carbon restoration projects.
The strategy also identifies 5 overarching priorities and the actions the NSW Government will deliver under each priority over the next 5 years.
- Conserving blue carbon ecosystems and supporting their adaptation and migration.
- Delivering blue carbon projects on public, private and First Nations peoples-owned and managed land.
- Embedding blue carbon in coastal and marine policy planning and management.
- Progressing blue carbon research.
- Promoting blue carbon investment.
A link to the full strategy can be found here.
This material has been produced by Beatty Hughes & Associates for the purposes of providing general information and does not constitute legal advice.
